Crypto Frontline

Weekly Crypto Analysis March 2-8, 2020

Weekly Crypto Analysis March 2-8, 2020
March 01
09:25 2020

BTCUSD Coinbase

BTCUSD technical analysis
Source: tradingview.com

The Bitcoin sentiment shifted to the downside during the past week as risk aversion soured across all financial markets. With economic uncertainty growing, investing in cryptocurrencies does not seem to be the best way to allocate capital and as a result, Bitcoin is back around the $8,500 area.

Following ahead, traders should carefully watch whether the selling will extend further away from the daily 200 moving average. If that will be the case, we suspect $7,700 and $6,900 are the most likely support areas to follow.

Things will change if buyers step back in and drive the price above the highlighted area on our chart. In that scenario, we think Bitcoin will be headed towards $9,500 again, but keep in mind that this is the less-likely outcome right now. The selling had been very impulsive and as a result, a follow-through could be the next move.

ETHUSD Kraken

ETHUSD technical analysis
Source: tradingview.com

In line with the Bitcoin performance, Ether had also broken lower during the past week and since it is not trading inside our range anymore, our outlook had shifted towards the bearish side. For now, the price action is hovering around the 4h chart 200 MA, but buying seems to be weaker and weaker. The price action context points towards further losses and as a result, our next downside target is located around $194. Only if selling intensifies we could see $180 retested.

Only if buyers manage to break back above the 200 MA could we see some continuation higher, but even in that scenario, breakout traders will join the sell-side in case the broker range will be retested. The upside in Ether is very limited right now and only a strong wave of impulsive buying will reverse the trend in the next few days.

LTCUSD Coinbase

LTCUSD technical analysis
Source: tradingview.com

Litecoin had been considered to be an early signal for the future market performance and what happened during the past week is not encouraging at all. The price had erased around half of the gains banked since the beginning of 2020 and on top of that, there does not seem to be any end in sight.

Because the market broke below the key $64-$66 area, we believe LTC is headed towards $51 and if things get much worse, then $42 is the next support area to watch for. In that case, almost all the gains since the year started will be erased.

Only a break back above the $64-$66 key area will revive the bullish sentiment but that seems to be far away. Even if the price rebounds, expect strong selling around the key zone since sellers that had missed the initial move will jump in.

Briefings about ICOs

Padoscoin is an ICO based in Indonesia that will run until June 4th, this year. It represents a crypto mining operation built and managed by a team of industry experts and professional staff on behalf of the Padoscoin Community.

Nice 1 is an Estonian ICO scheduled to start on March 7th, based on the EOS blockchain. At its core, it represents a blockchain game development platform aiming to help to raise funds from public and private supporters.

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